What is the difference between Additional interest vs Additional insured on an Auto policy?
- AnonymousLv 71 decade agoFavorite Answer
Additional insured, means, that entity has ownership interest in the vehicle. There's a particular endorsement that gives them extra coverage, because the OWNER of the car can be held just as responsible as the DRIVER of the car, in an accident.
Typically, if you see a leased vehicle, the lessor is additional insured on the policy, as well as "additional interest".
Additional interest can mean a bunch of things, it's a more generic term - but typically means lender. That the vehicle is being used as colletaral, for a secured loan, to that "additional interest". Normally, the additional interest entity would be added as a leinholder.
Additional interest is more propperly used on property policies, than on a personal auto policy.
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- 5 years ago
car253: that is incorrect, my policy specificly states the company I work for as an additional interest. The insurance company would NOT list them as an additional insured.
- car253Lv 71 decade ago
There is no such thing as additional interest with insurance.
Additional Insured is a 2nd person or a company, like a mortgage company name or bank that you make car payments too.